Harvest Fund Management Co. Ltd Raises Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Harvest Fund Management Co. Ltd raised its stake in Simon Property Group, Inc. (NYSE:SPG) by 57.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,985 shares of the real estate investment trust’s stock after buying an additional 722 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Simon Property Group were worth $283,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. CWM LLC increased its stake in shares of Simon Property Group by 33.5% during the 3rd quarter. CWM LLC now owns 6,412 shares of the real estate investment trust’s stock worth $693,000 after purchasing an additional 1,608 shares in the last quarter. GHP Investment Advisors Inc. purchased a new position in shares of Simon Property Group during the 3rd quarter worth approximately $44,000. Caprock Group LLC increased its stake in shares of Simon Property Group by 6.2% during the 3rd quarter. Caprock Group LLC now owns 3,195 shares of the real estate investment trust’s stock worth $345,000 after purchasing an additional 187 shares in the last quarter. Proficio Capital Partners LLC increased its stake in shares of Simon Property Group by 5.1% during the 3rd quarter. Proficio Capital Partners LLC now owns 2,660 shares of the real estate investment trust’s stock worth $287,000 after purchasing an additional 128 shares in the last quarter. Finally, Czech National Bank boosted its position in Simon Property Group by 47.7% during the third quarter. Czech National Bank now owns 57,186 shares of the real estate investment trust’s stock worth $6,178,000 after acquiring an additional 18,478 shares during the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Stock Down 0.7 %

Shares of SPG opened at $142.81 on Thursday. The company’s fifty day moving average is $149.30 and its two-hundred day moving average is $136.51. Simon Property Group, Inc. has a fifty-two week low of $100.17 and a fifty-two week high of $157.82. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54. The firm has a market cap of $46.54 billion, a PE ratio of 20.46, a price-to-earnings-growth ratio of 7.54 and a beta of 1.65.

Simon Property Group (NYSE:SPG) last issued its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing analysts’ consensus estimates of $3.34 by ($1.05). Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same period in the prior year, the business posted $3.15 EPS. The business’s revenue was up 9.1% on a year-over-year basis. Analysts forecast that Simon Property Group, Inc. will post 12.06 earnings per share for the current year.

Simon Property Group declared that its board has approved a stock repurchase program on Thursday, February 8th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the real estate investment trust to reacquire up to 4.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were given a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a dividend yield of 5.46%. The ex-dividend date of this dividend was Thursday, March 7th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s dividend payout ratio is currently 111.75%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SPG. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Evercore ISI lifted their price target on shares of Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a report on Wednesday, February 28th. Morgan Stanley lifted their price target on shares of Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a report on Monday, February 26th. Finally, Truist Financial lifted their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a report on Friday, March 22nd. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Simon Property Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $140.22.

Simon Property Group Company Profile

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.